As new technologies create new ways of using spectrum, competing demands for this finite resource must be resolved. Historically, European legislation has prohibited the trading of spectrum but a new EC framework directive changes this. In the UK, recent months have seen the publication of an independent review of spectrum management, which recommends the introduction of trading, and a draft Communications Bill, which paves the way for the adoption of this approach. In a recent study of spectrum policies for Vodafone, Frontier has explored some of the implications of these developments.